Please follow the following commands to install yum on your Virtuozzo container . The follwoing commands are to be run from the hardware node .
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[root@vps1 ~]# vzlist  -a
CTID      NPROC STATUS    IP_ADDR         HOSTNAME
1         91 running   192.168.46.242  ServiceCT
105         49 running   69.72.234.148   asdf
107         49 running   69.72.234.150   test.test.com2
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This will list all the configured containers and their container ID (CTID) [...]

Sometimes you may get the following error while working with yum:
root@server2 [~]# yum install kernel-smp
Setting up Install Process
Setting up repositories
update 100% |=========================| 951 B 00:00
base [...]